Word: niarchoses
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The race is far from over. Niarchos who has two 65,000-tonners on order in Germany and is planning a third in the U.S., will launch the sister ship of the Spyros Niarchos next week in England.
He is the leader of a new band of Argonauts who have given the shipping world a new term: "the Greeks," meaning the independent shipowners of whatever nationality who have sailed on the crest of the postwar shipping boom. Customarily included among "the Greeks" is Midwestern-born Daniel K. Ludwig...
Niarchos, building ever bigger ships, by 1951 claimed the world's biggest tanker: the 31,745-ton World Unity. Supertankers kept right on growing; by 1954 the biggest tanker was Niarchos' 45,509-ton World Glory. Two years ago Onassis took the title with his 46,500-ton...
The New Collateral. To build and operate the supertankers, the Argonauts devised a shrewd technique for raising the cash without putting up much money of their own. Niarchos persuaded the oil companies-which were then unwilling to tie up capital in shipping-to put his unbuilt tankers under long-term...
Though chartering reduces the risks, Niarchos and the other independents are engaged, as one independent said recently, "in the biggest floating crap game in the world." They rely on long-term contracts and fixed rate scales for steady income; only by keeping some ships available for short-term charters can...